They were kinda popular in the early/mid 90's, but with the complexities of sites increasing.. as ephemera pointed out, the browsers have difficulties trying to render the site in some legible form.
Still, I wouldn't rule them out entirely.. they can be useful to browse mailing list archives, and some forums still render adequately enough.
The OpenBSD site is nice for example, unlike NetBSD/FreeBSD, OpenBSD has decided to keep the classic style alive. (Which, I kinda wish more people would do..).
As respect, I made this post via lynx.. without emoticons.
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